[ladykim]

I am not looking for someone to do this for me but just a lttle guidance
I would really appreciate help. Not sure how to calculate merchandise inventory under each method if you don't even know what the cost of purchase was or how much sold for?

The owner of Fardan Stereo Sales showed the following adjusted trial balance at December 31 2005
Cash 16000
AR 27000
Merchandise Inventory ?
Store Fixtures 117000
Accumulated amortization, store fixtures 82000
Prepaid Rent 36000
Trademark 3000
AP 18000
Unearned sales 4000
Notes payable due in 2006 22000
Mikel Fardan, capital 57000
Mikel Fardan, withdrawals 44000
Sales 449000
Sales discounts 6000
Cost of Goods Sold ?
Delivery expense 5000
Rent expense 92000
Salaries expense 109000
Interest expense 2000
Amortization expense 8000
* assume normal account balances

The owner, Mikel Fardan, is analyzing the effect of the various merchandise inventory costing methods on his financial statements and has prepared the following schedule:
Lifo Fifo Moving Weighted
Average
Merchandise inventory Dec 31,2004 11,000 11,000 11,000
Purchases 156,000 156,000 156,000
Merchandise inventory Dec 31,2005?
Cost of Goods Sold 148,000 136,000 143,000

Required
1. Calculate the merchandise inventory values at December 31,2005 under each inventory costing method shown in the schedule above.
2. Prepare a single step income statement (showing one line each for the net sales, cost of goods sold, operating expensed, and interes expense) for the year ended December 31 2005 along with a balance sheet at Dec 21,2005 assuming:
A FIFO
B LIFO
C Moving weighted average

Does the schedule above reflect rising costs for merchandise inventory or falling costs?
Explain how you know
3. Based on your results in Part 1, which mehtod should the owner use if he wants to:
a. maximize net income?
b. Minimize assets?

please someone help